Chile Country Report

Business Opportunities
October 4, 2021 - Keystone Auditores Chile

This article is a contribution to the International Accounting Bulletin (IAB) Chile survey by PrimeGlobal member firm Keystone Auditores Chile, and it was published in IAB's September 2021 newsletter. Please read the full article below and reach out to Miguel Pavez, Managing Partner, regarding any questions in relation to the article and doing business in Chile. 

Have there been any significant regulatory developments over the last 12 months?

There have been no significant regulatory changes in the local financial market or in other relevant sectors.

How would you describe the health of the accounting industry in terms of customer demand, fee pressure, and staff recruitment and retention?

The accounting market has remained relatively stable, hiring has stagnated but retention has also improved. Clients' portfolios have not increased significantly, but demand is expected to increase next year. Regarding fees, these have remained at the levels of the beginning of the year, awaiting the recovery of economic activity. 

Are there any services areas where demand has grown over the last 12 months? 

The back office services area has grown more than the rest of the other accounting services. 

Has there been any significant consolidation or merger activity in the accounting profession? 

We have not seen significant merger and acquisition (M&A) movements in the local accounting sector.

What are your expectations for the next 12 months - are there any potentially significant developments in the pipeline?
Is Chile any closer to exiting the Financial Action Task Force (FATF) grey list?

Chile continues to make progress in the control and prevention of financial crimes. The Financial Analysis Unit (UAF) has increased its supervision and control tools, also improving coordination with the police, especially in cases related to money laundering from drug trafficking. In the Financial Action Task Force of Latin America (GAFILAT) mutual cooperation report, issued in September 2021, Chile presents a high degree of compliance with the 40 FATF recommendations.

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Keystone Auditores Chile

Keystone Auditores Chile was founded in 1997 and has grown under the leadership of three of its founding partners, with the support of additional partners who have brought focused expertise in their respective business areas. The firm has 33 professionals in multiple service areas, each led by a specialist partner. Keystone Auditores Chile has rich experience in the field of business consultancies and audits and the integral management of consultancies. The firm focusses on supporting clients in strategic operational areas, including human resources, tax and legal services among others. Keystone Auditores Chile also utilises outsourced professionals who have experience supporting the firm for many years, to ensure a full service is provided to clients by a team of trusted professionals. At Keystone Auditores Chile, the goal is to become a true strategic ally to clients to ensure their longterm success.

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